ONGC has toppled Indian Oil Corp (IOC) to become the country’s most profitable public Sector company.
ONGC has toppled Indian Oil Corp (IOC) to become the country’s most profitable public sector company.
As per ONGC’s earnings statements, the company reported a 34% jump in its 2018-19 fiscal net profit to Rs 26,716 crore.
The OIC on the other hand registered a net profit of Rs 17,274 crore for the fiscal year ended March 31, 2019.
The ONGC is India’s largest oil and gas exploration and production company. It produces approximately 70% of India’s crude oil and about 62% of its natural gas.
The ONGC is also ranked 11th among the Top 250 Global Energy Companies by Platts.